October 2025
20Oct

Pensions UK AC 2025: Pensions transfer costs need to be under £10, experts say

The current pensions transfer system isn’t working, is too expensive, and requires providers working together to speed up the process, Smart Pension CEO, Jamie Fiveash, has stated, suggesting that the cost of a pension transfer needs to be cut to less than £10. Speaking at the Pensions UK Annual Conference, Fiveash pointed out that it currently costs £60-£90 to transfer a pension pot, which “is way too high”, arguing instead that the cost of a transfer needs to be less...

October 20, 2025
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July 2025
15Jul

Pension Transfer Delays Put Trust at Risk, Says New PensionBee Report

UK pension provider PensionBee is renewing its call for a legally enforced 10-day pension switch guarantee, warning that long delays and inconsistent processes are causing real harm to savers. Its latest report, Ending Pension Purgatory, reveals that nearly half of consumers found transferring a pension difficult, while three in five said delays were harming their ability to manage their retirement savings. The findings follow earlier research with financial advisers that uncovered widespread frustration with delay, with some transfers taking over a year, and a growing...

July 15, 2025
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January 2025
21Jan

UK’s PensionBee Calls for Greater Clarity on Pension Transfers Following Appointment of New Pensions Minister

UK’s online pension provider PensionBee recently shared comments following the appointment of Torsten Bell MP as Pensions Minister. Lisa Picardo, Chief Business Officer UK of PensionBee, commented: “We welcome the new Pensions Minister to his new role. With his extensive experience in public policy, we’re keen to see his innovative approaches that prioritise savers and bring much-needed progress to the pensions industry.” Picardo added that they are looking forward to “seeing whether Torsten Bell – with a background of campaigning for high retirement living standards –...

January 21, 2025
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May 2024
14May

US. Pending DOL Report to Consider Pension Risk Transfer Changes

Report to Congress in clearance process, EBSA chief says DOL weighing in may have chilling effect on risk transfers Large employer pensions looking to offload their funding liabilities through pension risk transfers are anticipating tougher future regulatory scrutiny as the US Labor Department prepares a report for Congress on the $45 billion de-risking market. The Employee Benefits Security Administration’s report appears likely to propose changes to a 1995 interpretive bulletin on pension risk transfers that laid out standards for employers...

May 14, 2024
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03May

UK. Average overall pension transfer times fall by 12.2%

The average time taken for a pension transfer to be completed reduced by 12.2% over the last 15 months, research from Origo has shown. The latest data from the fintech's Transfer Index showed from January 2023 to the end of March this year, the average time for the completion of a transfer fell from 14 to 12.3 calendar days. In addition, the time taken for simple transfers, where the provider has full control over the process, also improved by 16.7%...

May 3, 2024
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October 2022
17Oct

Economic Concerns Likely to Spur Pension Risk Transfers

The vast majority of plan sponsors say inflation and rising rates are influencing their de-risking decisions. Inflation, market volatility, rising interest rates, and geopolitics are potentially accelerating the pension risk transfer market, according to a report from MetLife. MetLife’s Pension Risk Transfer Poll, which heard from 251 defined benefit plan sponsors who have de-risking goals and $100 million or more in plan assets, found that 95% say higher inflation is “very or somewhat impactful” on their decision to move forward with...

October 17, 2022
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August 2022
26Aug

UK. Just 6% of pension transfers not flagged as scams

A staggering 94% of pension transfer cases reviewed by XPS Group’s Scam Protection Service were registered as having one or more scam warning signs in July 2022 – a small fall from 97% in June 2022. The firm said this is the second month in a row where the rate has been in excess of 90% of cases, with the overseas investment amber flag being the most common warning identified. However, pension transfer activity seems to be on the rise as...

August 26, 2022
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May 2022
25May

UK. Pension transfer red flag warnings hit record high

The rate of potential pension scam warning flags showed no sign of decreasing in April, according to XPS Pension Group’s Scam Flag Index tracker. A record high of 78% of transfers reviewed raised at least one warning sign of potential scam activity, meaning that rates have now risen for the last four consecutive months. The recent fall in the Transfer Value Index also continued to gather pace, with the month-end value at £232,000 ($306,000, €279,000), a 5% drop compared to the...

May 25, 2022
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August 2018

08Aug

UK. Pension transfers could cost members £2,600 over expected lifetime

Pension members choosing to transfer out of their employer’s scheme could receive an income that is £2,600 lower over their expected lifetime, according to research by XPS Pensions Group. The report, Member Outcomes Under Freedom and Choice, published today (7 August 2018), looks at data on defined benefits (DB) scheme transfers, collated by XPS Administration over the period since 2016. The research also found: Depending on the choice of retirement vehicle chosen to receive a transfer, an individual could run out of...

August 8, 2018
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